Binance Revenue Shift Raises Risks for HYPE Token Pricing

Crypto market sentiment has improved as Bitcoin rebounded from mid-year lows, but investors should be cautious about assuming it will revisit lower price ranges, according to CoinMarketCap's Alice Liu.

Liu pointed out that Bitcoin dropped to around $59,000 in June, roughly 53% below its October all-time high of $126,100. While it has since rebounded and is now trading at around $81,600, Liu believes the market may have already priced in the most pessimistic scenario investors were testing earlier in the year.

Liu highlighted tokenized real-world assets (RWAs) and perpetual futures markets as areas where activity and capital flows are shifting. She noted that Hyperliquid's ecosystem is still leading in terms of aggregation and liquidity, but centralized exchanges have moved into the same product category since Binance began launching RWA perps.

Liu emphasized that network activity doesn't necessarily translate to price strength, and investors should separate metrics that reflect user behavior from those that influence token valuation. She also pointed out that Hyperliquid's token momentum may be tied to aggressive buybacks, with the project spending over $400 million on repurchases.